Quarterra Multifamily, a subsidiary of Lennar Corp., has topped off its South Carolina mixed-use development. Cormac, located on Charleston’s upper peninsula, is a 303-unit community featuring 13,086 square feet of retail and restaurant space.
The asset, found at 1310 Meeting Street Road, is the first joint venture between QMF and Cresset Real Estate Partners. Cresset Diversified Qualified Opportunity Zone Fund I provided capital for the property. According to Yardi Matrix data, there is also a 2020 construction loan on the property for $65 million, held by Santander Bank.
“Cormac is designed to not only introduce a next-level living experience in the up-and-coming NoMo district but also to function as a true extension of neighborhood,” Jeff Harris, division president of Carolinas at Quarterra, told Multi-Housing News. “With more than 13,000 square feet of retail and dining space and two public courtyards on the ground level, we envision Cormac as an interactive hub in the community. One of the building’s highlights is an eighth-floor rooftop terrace that enables residents to soak in incredible views of downtown Charleston and Ravenel Bridge. Charleston has incredibly rich history and culture and has emerged as a destination city for regional employers. At Cormac, we really do love where we’re at, and we’re excited to contribute to the transformation of this remarkable neighborhood.”
Situated in North Morrison, also known as NoMo, Cormac is less than a quarter mile from Interstate 26 and in proximity to downtown Charleston, Park Circle, West Ashley and Mount Pleasant. Local frequented spots include Butcher & Bee, Historic Charleston City Market, Home Team BBQ and retail shopping at King Street. Music venues such as the Credit One Stadium, Charleston Gaillard Center and TD Arena are in the area.
Cormac apartments will feature a three-story above ground parking garage, rooftop with butler kitchen, courtyards, rentable podcast studio, pool and fitness center. The studio, one- and two-bedroom units will include keyless entry, smart thermostats and in select units, kitchen islands.
Leasing for Cormac is anticipated to begin in fall 2022.
South Carolina Real Estate
According to the National Association of Realtors, Charleston is identified as one of the top 10 markets to withhold through COVID and is expected to retain this high performance. The South Carolina housing and rental market is expected to see further growth and price increases throughout the year.